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What are the risks?

Outstanding finance
Outstanding finance is the biggest risk faced by used car buyers. If the loan remains unpaid when you purchase the vehicle, you will not acquire title to it, and even the "Sale of Goods Act (1979)" will not protect you. So always confirm that the seller has cleared the entire loan taken for the car.

Written - off
Every year many used cars involved in the road accident are declared by insurers as too badly damaged to be repaired safely, but still some of the cars find their path on the road. On average 10 out of 100 cars are been written-off which are subject to risk factor.

Stolen
The result is that there are 30 stolen used cars daily been sold and purchased which are risk possessive to buy. Many get sold as "bargains" to unsuspecting buyers who then have to return the car to its owner because they can't own the car legally.

Cloned
Buying a cloned used car can cause too much risk. As many stolen used cars are been cloned to disguise their identity. A cloned car is one, which has illegally taken the identity of a legally owned car. This means there will be two or more cars with the same identity, including the same make, model, mark, vehicle registration, and identification number. Cars being sold for cash, below the market price or at places such as service stations may have been cloned.

 

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